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Brian, Home Buyer in Rhode Island

How can I determine if I'm being scammed?

Asked by Brian, Rhode Island Fri Jul 10, 2009

I am in a situation where I have made an offer on a home and the realtor representing the corporation that owns the house has suddenly found someone else who is intersted in this home and is telling us it's a multiple bidder situation. This is a home that has been on the market with little interest, for over a year. I think he is shaking me down for more money. Would it be too unusual to put a contingency on my best and final offer that IF my offer is accepted he needs to show me the other bid? Is there any way I can determine if I'm just paranoid or if this guy really is squeezing me?

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Brian,

You have been provided with excellent information.

On the "contingengy" issue, it is our opinion that doing a contingency may place you in an unfavorable light since banks do not like and tend to avoid these arrangements. They are simply viewed as a means by which a potential buyer can escape from the agreement.

Doing so could cause an early elimination...regardless of your offer amount.
0 votes Thank Flag Link Sat Jul 11, 2009
Hi Brian

No, you cannot ask to see the other offer -(well, you can ask, but it isn;t going to happen).

I doubt very much that the listing agent is playing around with you, because he or she has to answer to the corporation. If you got turned off, and walked away, then the agent would have nothing, and would have to explain what happened to the people at the corporation. There would be no reason for the agent to be trying to "shake you down"......it's pretty cut and dry when buying from a company. They either accept or decline the offer. And, the higher offer you may make will not really put much more money in the agent's pocket, so there is no incentive there. Any agent who pretends there is another offer runs the risk of scaring away the buyer and winding up with nothing.

Just so you know - It is not unusual to see another offer come in all of a sudden , even after a home has been sitting on the market. I have seen that happen, and there is no explanation for it!

If you love and want the home - make your highest and best offer..........and hope for the best!

Good luck.
DebbieRose
Prudential NJ Properties
0 votes Thank Flag Link Fri Jul 10, 2009
They don't have to show you the other offers so you cannot ever be sure. The seller is supposed to sign those multiple offer forms but if you push for that you will probably get nowhere. Your only option is to bid the max you would want to pay for the home and know you would have paid no more even if someone else will.
Web Reference: http://www.alaynaberek.com
0 votes Thank Flag Link Fri Jul 10, 2009
You didn't mention if you were working with your own Realtor, it sounds like your working with the sellers agent, which isn't a bad thing, BUT, you really do need to have a Realtor that represents you and only you, and is looking out for your best interest only. Have you had any comps done on the property? My advice is if you like the house, put in an offer that YOU feel comfortable with, that way in the long run you won't have any regrets. Wishing you the best.
0 votes Thank Flag Link Fri Jul 10, 2009
Their is no way to know for sure. The best thing to do in my opinion is put your highest/best offer in that you are comfortable with and let the chips fall where they may. Unfortunately some agents do play games. Several come to mind that are notorious for it. Do you have a buyer's representative helping you?

I hope this helps

Chris!
0 votes Thank Flag Link Fri Jul 10, 2009
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